Looking at the BMO Harris Bank Home Buying Report, there were a lot of interesting points made about the relationship between buyers and their homeownership journey. Of those who purchased a home, 8% bought “without any plan to buy at all.” A property caught their attention and they acted on it.
Why are people that are considering a move not putting their home search to a plan, and instead, buying only when a property catches their attention? An article by Fannie Mae reveals evidence that a large number of homeowners are dramatically underestimating the equity they have in their current home. Equity is what the home is worth after the debt has been taken away. For example, if the home is worth $150,000 but you have $50,000 left to pay off, the home has $100,000 worth of equity. The best part about equity is that you can take that $100,000 to start paying off your next home!
The report explains that:
“Homeowners may be underestimating their home equity. In particular, if homeowners believe that large down payments are now required to purchase a home, then widespread, large underestimates of their home equity could be deterring them from applying for mortgages, selling their homes, and buying different homes.”
Now is the time to meet with your Shorewest, REALTOR® to determine the actual equity you have in your home and to take a look at the opportunities that currently exist in the real estate market. Call today for your Professional Equity Analysis Review! #ShorewestRealtors #HomeBuying #HomeSelling
Source Credit: Keeping Current Matters
Tags: Equity, Fannie Mae, first time home buyers, First Time Home Seller, Home Buying, Home Selling, selling tips, shorewest, shorewest family, Shorewest Realtors
Categories: First Time Home Buyers, Home Buying, Home Selling, Monday Motivation
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